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Moody's Investors Service says that the fiscal and monetary easing measures announced by China's (A1 stable) authorities on 23 July signal a significant change in policy stance as its economy faces both domestic and external pressures.
While Moody's expects the immediate credit implications will be limited -- with only slightly higher levels of government debt -- the new measures suggest that the trade-offs between deleveraging and growth are becoming more stark.
Moody's conclusions are included in its just-released report "Government of China: Easing poses limited fiscal risk, but suggests policy trade-offs are starting to ... (full story)